1. Current status and development of the cryptocurrency circle

1. The current atmosphere of anxiety in the cryptocurrency circle

• Recently, there have been many popular posts that are pessimistic about blockchain, which has triggered doubts within and outside the industry about whether blockchain is a scam and whether there is still room for the cryptocurrency circle. This pessimistic sentiment is spreading, and even some senior industry insiders have revealed anxiety and confusion.

• Bad news is more likely to make headlines and gain traffic. The retirement of some OGs has also been magnified as evidence that “the cryptocurrency world is over.” However, it is not just the cryptocurrency world that is anxious. The investment market is affected by the economic cycle, and the public’s budget allocation is closely related to the economic situation.

2. Changes in the cryptocurrency world over the past decade

• The early cryptocurrency market was like the Wild West, and those who flocked in were early gold diggers. In an economic upswing, a small amount of capital overflow can cause the cryptocurrency market to grow significantly, and it is not uncommon to see coins that increase by 100 or 1,000 times. This is the result of the dual blessing of the niche market and the macro economy.

• As time goes by, the economy enters a new cycle, consumption is downgraded, more players join, and the number of traditional professional players increases. Everyone feels that the cryptocurrency circle is not as profitable as before.

• From Bitcoin being criticized by mainstream media to Bitcoin and Ethereum ETFs being approved, it is a major victory. The trading scale of traditional finance in cryptocurrency-related products has steadily expanded, such as the increase in trading volume of CME and ETFs. The blockchain industry has gradually matured, and the currency market and the stock market have become two sides of the same coin.

2. Binance’s Development and Responsibility

1. Binance’s goals and challenges

• Binance hopes to promote large-scale adoption of the blockchain industry, serve one billion users, and become the infrastructure of the future world. But to achieve this goal, it is necessary to find a balance between ideals and reality.

• As the industry develops, Binance needs to comply with regulations, anti-money laundering, and follow the rules of the traditional financial industry. This is like the absolute liberalism in the early days of the Internet that eventually led to the dark web. Binance needs to reconcile with the world.

2. Binance’s product development direction

• Binance’s products started with trading but are not limited to trading. The emergence of products such as Earn, Square, Pay, and web3 wallet is an attempt to explore how to cross the gap and popularize blockchain technology.

• Allow ordinary people to use blockchain instead of just speculating on it, just as people who don’t understand Internet technology can enjoy the convenience brought by mobile phones. Only products that truly solve user needs can change the world.

3. Binance Coin Listing Framework and Process

1. The process of listing a coin

• Binance coin listing consists of four links: business, research group, committee, and compliance review. Each link is independent of each other to ensure the fairness and rigor of the coin listing process.

2. The Committee’s Aesthetic Preferences

• List projects that users need: In the early days, we did not pay enough attention to MEMEcoin, but later we reflected on this under community criticism. For MEME projects, we prefer projects with relatively decentralized tokens and low market capitalization. At the same time, we are also thinking about whether MEME, which is highly centralized and has a high price, is a Ponzi scheme.

• Long-lived projects: After traditional VCs entered the cryptocurrency circle in a big way, project valuations have risen. Some high-valuation projects from top teams have more chances to survive for a long time. Although Binance may lose its absolute voice in this process, this reflects the decentralized nature of the industry and is the result of the rise of professional financial players and DEFI, which is beneficial to the development of the industry.

• There are projects with solid business logic: I believe that the essence of entrepreneurship is to create something the world needs and get paid for it. I like projects with solid business models, revenue, reliable teams, reasonable valuations, and tokens that can empower users. I hope that the projects can grow together with users.

3. Measures to prevent insider trading • Binance has done a lot of work on information isolation. Researchers who list coins do not talk about business, business personnel do not know the situation of the project observation pool, and employees only know the progress of the project they are responsible for.

• All Binance employees must complete mandatory compliance training, and there is an independent internal audit team to investigate violations. If there is any suspicion of information leakage or insider trading, legal proceedings will be initiated, and serious offenders will face criminal liability.

• Issue high rewards to encourage reporting of coin listings and other corrupt practices. If verified, a security vulnerability bounty ranging from US$10,000 to US$5 million will be provided.

4. Personal insights and attitude towards the future

1. Personal cognitive changes and expressing concerns

• The more I read, the more I feel ignorant, and I am full of awe for the world. I think everything I have is a product of the times, not a natural talent. In the early days of the industry, “when there are no heroes, the young ones become famous.”

• Worried that my unintentional words may cause unnecessary misunderstanding and over-interpretation in the community, I lack the desire to express myself. But when I see misunderstandings, I will still try to explain, but I am afraid that the more I explain, the worse it will be.

2. Attitudes towards different viewpoints and expectations for the future

• Everyone sees the world differently, which may be the intersection of different parallel time and space. I would feel deeply honored if my words could inspire investors to do their own research (DYOR) and make entrepreneurs willing to settle down and move forward.

• Emphasize that we will continue to explore the future, just like the first day in the industry, and thank everyone for their collaboration.